AMHERST, OHIO, February 27, 2020 – Top Midwest investment sales team Patton | Wiles | Fuller Group of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Amherst Marketplace, a 79,945-square foot grocery-anchored shopping center located in Amherst, Ohio. The asset sold for $12,600,000.
Craig Fuller, Scott Wiles, and Erin Patton, Senior Vice Presidents and Executive Directors with Marcus & Millichap’s National Retail Group, had the exclusive listing to market the property on behalf of the seller, a national shopping center REIT. The buyer, a private local real estate company, was secured by Fuller, Wiles, and Patton after a competitive bidding process that saw numerous offers. The transaction closed within approximately 60 days of contract signing with the buyer successfully securing new bank financing in that timeframe. “This was our sixth grocery-anchored sale of 2019, and the ninth Giant Eagle-anchored shopping center we’ve sold in Northeast Ohio over the past few years. Grocery-anchored centers always garner tons of interest from well-capitalized buyers nationwide, but in this case, we were happy to strike a deal with a strong local buyer who intends to hold long-term” commented Fuller.
Amherst Marketplace is located at 2201 Kresge Drive in Amherst, Ohio. Giant Eagle comprises approximately 96 percent of the gross leasable area, operating a full-service grocery store with a drive-thru pharmacy, state liquor agency, Get Go gas station, and PNC Bank branch. Giant Eagle recently executed a lease extension and is in the process of completing several million dollars’ worth of renovations. The other two tenants comprising the remaining leasable area are Best Cuts and Monster Tan.
Year to date, Patton, Wiles, and Fuller have sold over $270 million of retail shopping centers totaling 3 million square feet throughout the Midwest and beyond. “We’ve had a very strong year for shopping center sales with another $250 million under agreement to close before year-end and in Q1 2020. Our team is looking forward to launching over a dozen new shopping center listings in the coming weeks and continuing the momentum into 2020” said Fuller in closing.